Need to settle with BofA without waking up the beasts..

Before you make a decision, you need to know first the latest status of this account. Bank of America may have sold this account to some collection agency and has been listed in your credit file with a zero balance. Check the latest copy and find out the latest standing. If your file is still with BOA, make payment arrangements with them instead of dealing with any CA. They are not the good ones to work with. I know how painful it is to work with a CA. I am fed up of the regular threats made by these swine. Besides, they don't validate the debt when asked for. Instead, they pass it on to some other CA and the situation becomes tougher. Work out arrangements with the original company if your file is still with them. They won't intend to sue as long as you are willing to pay them off. Get the letter stating the account 'paid in full" for sure.

I have to repay my overdrawn bank account with Bank of America. I owe $392. I can only make 1/2 payments $196. tomorrow and the balance on the 30 of June. BofA will close my account on June 23. and report it to Collections. My question is how long does it take them to put the account into collections? The balance will be $196 and I can pay that on June 30. The thins is the letter was written on May 25 and I received it in the mail on June 8 - that didn't matter to them when I called. They said they will close my account June 23 which I don't care because I have a new account with a different bank. Does anyone know how long it will take for Bank/America to go to collections once the account is closed?

My BofA account went to a collection agency called NCO Financial 15 months after the account was closed. I have asked for debt validation but heard nothing. Make them validate the debt, then try to settle. NCO Financial is one of the shadier collection agencies.

As of today, BofA still lists themselves as the owner of the account.. Infact, they report it as a charge-off every month over-and-over now since last year.

I understand the idea of dealing directly with BofA, although my experience dealing directly with the bank is they usually want 80-100% of the balance due... CA's are actually quite easy to deal with if you're in a position to make a deal. When they think you're holding out on them, then they become really aggressive.

It's the way you see as the situation evolves in front of you. But make sure that your money goes to the right place. Don't send your money until the debt has been validated by the CA. You will not like to have a call from the CA sometime later for the same account. Get everything in writing before sending your money so that everything can be tracked out.

I'm going to pay 1/3 of the overdrawn account (BofA)tomorrow its overdrawn $392 I'm going to pay $136 and then on June 30 pay $136 and the balance on July 14. so you don't think it will go to collections that quick? over a year after the account was closed? I don't care if they close it I have a new checking account with a different bank and I found out that even though BofA will report this to chex system it will not affect my account at all with the new bank which I am glad of that.

when did the account first go overdrawn? I found if you are making payments and tell them your intentions, they will hold off. I once had an account that went over drawn (their error) and while I was trying to straighten it out, after about 90 days they did send it to a Collection Attorney. however , since I was trying to work it out, they recalled it. in the end they ended up reversing all the fees etc ( though I agreed to about $90 that was legit, they found it was not owed) and they then gave me a $50 AMEX gift certificate for the hassle. Even if they do send it to a CA in the interim, you will most likely complete your plan before the CA actually takes action . If they do, dispute the debt, and in the mean time pay off the bank. Once you do this, they will update ChexSystmes that you took care of the situation, and that should more or less clear your record.